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China Details Radical Overhaul
Of Commodity Futures Industry

By

Karby Leggett and

Josh Cherin Dow Jones Newswires

Updated Aug. 28, 1998 12:01 a.m. ET

SHANGHAI -- China's State Council has finalized plans to radically restructure the country's commodities futures industry, saying it will shrink the number of official exchanges to three from 14 and reduce to 12 from 35 the number of commodities traded.

The new plan is detailed in a State Council document seen by Dow Jones Newswires, but not yet released to the public. It is the most aggressive attempt yet by China to combat...